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American Express, BP Capital, GM Financial, New York Bancorp, GATX, ONE Gas price notes
By Cristal Cody
Tupelo, Miss., Nov. 1 – American Express Co. led pricing action in the high-grade bond market on Thursday with a $3 billion three-part offering of senior notes.
In addition, BP Capital Markets America Inc. sold $2 billion of senior notes in two parts.
General Motors Financial Co. Inc. priced $1.35 billion of senior notes in two tranches.
New York Community Bancorp Inc. sold $300 million of 10-year split-rated fixed-to-floating rate subordinated notes.
GATX Corp. brought $300 million of long five-year senior notes to the primary market.
ONE Gas, Inc. also placed $400 million of 30-year senior notes.
High-grade issuers have priced more than $19 billion of bonds week to date, in line with syndicate forecasts.
About $15 billion to $20 billion of supply was predicted for the week.
Issuance is expected to thin as the year winds down with light volume likely in the week ahead due to the mid-term elections, Federal Reserve monetary policy meeting and upcoming Veterans Day holiday, sources report.
Syndicate sources expect about $75 billion to $85 billion of new issuance in November.
The Markit CDX North American Investment Grade 31 index was modestly tighter on the day at a spread of 68 basis points.
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